MADISON, N.C.--(BUSINESS WIRE)--Remington Outdoor Company (“Remington” or “the Company”), one of the
world’s leading designers and manufacturers of firearms, ammunition, and
related products, today announced achievement of a significant milestone
in its comprehensive financial restructuring process.

The Company today announced that it has filed a prepackaged plan of
reorganization with the United States Bankruptcy Court for the District
of Delaware under Chapter 11 of the United States Bankruptcy Code. As
previously disclosed, the Company and certain of its subsidiary and
related entities as well as its consenting creditors, entered into a
Restructuring Support Agreement (the “RSA”) on February 11, 2018. The
RSA and the plan of reorganization represent the collective commitment
of those parties to improve the Company’s financial structure and to
solidify the Company’s long-term future. Upon emergence, expected within
45 to 60 days, Remington expects to have cancelled approximately $775
million of existing debt while raising $155 million of the new money
plus $193 million in a rollover asset based lending facility.

The Company noted that this process of restructuring its financial
position is discretely focused on establishing a sustainable and healthy
capital structure. It is not anticipated to have any impact on its
operations, employees, customers, business partners, or suppliers.

Jim Geisler, Executive Chairman, of Remington Outdoor Company,
commented, “I want to thank our many employees, customers, and suppliers
for their loyalty during this process. We have seen it over the last
several months in our steadying sales performance, new customers, and
high employee retention rates. This strong community enables us to
bridge Remington’s proud history to its bright future.”

Anthony Acitelli, Remington’s Chief Executive Officer, added, “We have
designed a new and enabling capital structure. We will be positioned to
grow our business, continue to innovate and introduce new products, to
expand our partnership with new and existing customers, and to capture
opportunities in new markets. We are confident that we will continue our
long-held leadership position in the sporting goods industry and that we
will persevere to remain in the company of the most venerated,
respected, and admired brands and companies in the United States.”

In order to implement the RSA, the Company will submit a prepackaged
plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code. The
Company believes this legal process provides the most efficient,
effective, and timely path toward the completion of the Company’s
financial restructuring. The submission of the Company’s “prepackaged”
plan demonstrates firm, collective support from the Company’s lenders
and shareholders and a shared desire to protect a valuable company and
the interests of its customers, vendors, partners and the many
communities it has served and from which it has drawn strength over
nearly two centuries of operations.

Under the plan of reorganization, Remington will be provided with access
of up to $338 million in debtor-in-possession financing, $193 million
more than originally specified in the RSA, as it proceeds through the
financial restructuring process. This interim financing is sufficient to
ensure the business has the necessary working capital to continue
normal, undisrupted day-to-day business operations. Upon emergence, the
Company will continue to have access to its $193 million ABL revolver.

The Company will also make customary first-day filings with the Court to
help advance a smooth and timely process and to enable the Court to act
promptly following the filing.

Remington Outdoor Company, headquartered in Madison, N.C., is one of the
world’s leading innovator, designer, manufacturer, and marketer of
firearms, ammunition, and related products for the hunting, shooting
sports, law enforcement, and military markets. As one of the largest
manufacturers in the world of firearms and ammunition, we have some of
the most globally recognized brands including Remington, Bushmaster,
DPMS/Panther Arms, Marlin, H&R, Dakota Arms, Parker, AAC, Barnes
Bullets, Storm Lake and Tapco. For more information download the
Remington Outdoor Company Brochure, located on www.remingtonoutdoorcompany.com.